{Rwanda is one of the 12 countries in the Common Market for Eastern and Southern Africa (COMESA) set to benefit from €160 million credit facility from the European Investment Bank (EIB), Europe’s lending institution.Half of the funds will be provided in partnership with COMESA’s regional development bank, PTA Bank – representing the largest single private sector lending scheme ever backed by EIB in Africa.}
According to a press statement released by EBI on Thursday, the funds will benefit agribusiness, energy, manufacturing and service sector projects, which will access loans for up to 15 years.
“Unlike recent private sector lending by the European Investment Bank in the region, the new facility will not only target small-and-medium enterprises (SMEs), but will also focus on supporting specific investment needs of larger firms”, Pim van Ballekom, vice-president EBI was quoted in the statement as saying.
“It will also help firms in the COMESA region to explore new business opportunities and create more jobs” Ballekom said.
Kenya, Uganda, Tanzania, the Democratic Republic of Congo, Rwanda, Burundi, Egypt, Ethiopia, Zambia, Eritrea, Djibouti, Seychelles, Mauritius, Malawi and Mozambique make up COMESA.
The funding comes as a welcome boost for Rwanda’s SMEs which still face heavy challenges in accessing long-term credit from local commercial banks.
{{Source: Star Afica}}
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